The Binance (BNB) coin is the cryptocurrency that is supported on the Binance crypto exchange. BNB coin is a very popular cryptocurrency in the world. Binance is the combination of two words Binance and Finance. BNB coins are designed after using binary in Finance. Binance is the largest cryptocurrency exchange in the world.
If you want to know everything about BNB coins then you are in right place. Here you will learn about BNB coins. How to buy BNB coins? We will you about the different crypto wallets. It will help you to take the decision wisely.
Also Read: How to Buy SHIBA Inu Coin(SHIB)
Two Scenarios for buying BNB coins
There are two scenarios for buying BNB coins-
- How to buy BNB coins if you are already owned cryptocurrencies like BTC, ETH, BCH, BCG, or others.
- How to buy BNB coins if you don’t own any cryptocurrency.
We will discuss both scenarios in this guide. Read till the end to know about both scenarios.
How to buy BNB coin via cryptocurrency?
You can buy a Binance coin (BNB) coin via cryptocurrency, if you are already own cryptocurrency then you can easily BNB coin in exchange for cryptocurrency. You can easily exchange your existing coins with BNB coins and the equivalent amount of coins will be transferred to your account. Suppose you have Cardano (ADA) coins and you want to exchange them into Binance Coin. Following are the steps-
Step 1- Create an account on the Binance exchange
To buy BNB coins you have to first open the account on any exchange that offers BNB tokens. You have to choose the exchange that offers coins and doesn’t impose huge transaction fees. Binance is a popular cryptocurrency; it is operating in more than 100 countries now. It has listed all the top cryptocurrencies. To create the account on Binance exchange you have to first open the website and click on the register the account. Enter the email address and a unique password to register you on the portal. Once it is done you have to fill the registration form and verify that you are a human. A verification mail will be sent to your registered email, you have to click on the received link, and once it is done it will redirect you to the official site. The next step is to log in to your account and provide your basic information such as name, address, phone number, social security number, and DOB. Now you can manage your account and click on every check box to complete the registration process.
Step 2- Enable the Two-Factor Authentication (2FA)
Two-Factor Authentication is the authentication process that ensures that only one person can access the account at one time. 2FA Authentication is very important to secure the account from scammers and cyber attackers. There are several cryptocurrencies are listed on the Binance exchange, it has millions of users worldwide. It is important to ensure the security of the funds on this exchange. 2FA is very easy to install the app on your mobile; a code is generated to log in to the account. Installation code is received via SMS on mobile. You can also skip this step if you don’t want to verify your information.
Step 3- Account verification
If you will not verify yourself then you cannot withdraw the coins. If you want to withdraw cryptocurrencies later then you can verify yourself later. The account verification is done by the exchange to record the information for government records. An account verification exchange requires government photo ID proof. If you don’t want to disclose your identity then you can skip this step also.
Step 4- Deposit the cryptocurrency to Binance account
Once the verification is completed, you can access your account for further process. Now you have to do the funding in your account, you have to deposit the cryptocurrency in your account that can be used to acquire BNB tokens. To deposit the funds you have to open the funding portal, click on the Funds tab then type the international logo of the cryptocurrency that you want to deposit in the search box. Suppose you have Cardano (ADA) coins and you want to exchange them into Binance Coin.
Type the symbol and then you have to click on the cryptocurrency, now copy the address, and go to the wallet where your existing tokens are stored. Now send the coins to the copied address in the Binance account. It is important to double-check the information before sending it to the portal. If you will send the coins to the wrong address then you may lose your coins. Once the coins are transferred they will be reflected in your Binance account balances. Again click on the Funds tab you will see the crypto balances, you can use it to buy any cryptocurrencies that pairs are available on the exchange.
Step 5- Buy BNB coin
Now you have to just buy the BNB coins via your existing cryptocurrency. You can exchange your existing crypto coins with Binance coin easily in the exchange room. To buy BNB coins click on the Exchange tab in the trading room and find out the relative pair of BNB/ADA. Select the pair and click on finish. The exchange will calculate in percentages and equivalent BNB coins will be transferred to your balances. You can exchange whatever amount you want to do.
How to buy BNB coins if you don’t own cryptocurrency?
We have entailed the process of buying BNB coins if you already own cryptocurrency; you have simply registered on exchange and buy BNB coins. But if you have no cryptocurrency then how will you buy BNB tokens because BNB coins cannot be purchased via fiat currency. Binance doesn’t accept fiat money like USD OR Yuan for BNB tokens. If you have no cryptocurrency and you want to buy BNB coins then you have to first register on the exchange and deposit the fiat money and buy any cryptocurrency. You can buy Bitcoin, Ethereum, BCH, BCG, Litecoin, and Ripple. You can buy the coins via any exchange that is operating in your country. Once you get the coins you can open the account on Binance exchange and the further process is the same as above.
Steps to Buy Binance Coin-
- Register on the exchange (Coinbase, Coinmama)
- Deposit the fiat money
- Buy cryptocurrency (BTC, ETH, BCH, BCG, or others)
- Register on Binance exchange
- Verify the identity
- Deposit the cryptocurrency
- Buy BNB coin
Binance Coin Wallet
Binance Coin Wallet is of two types- Binance Hardware wallet & Binance Software Wallet
BNB Hardware Wallet- This is the most secured BNB coin wallet; it is the best to store the coins in a hardware wallet. A hardware wallet is a physical device that is encrypted with private keys and it is accessible in offline mode also. If the device will be owned by you then no one can steal your coins. You can easily access the wallet by connecting it with your system.
Ledger hardware wallet- Ledger hardware wallet is a very secured wallet, it supports BNB Coin as well as other altcoins. Two models are present of the Ledger Wallet- Nano S and Nano X. Nano X is the new model that can be controlled by your mobile as well as desktop also.
TREZOR hardware wallet- TREZOR wallet is similar to Ledger hardware wallet. It stores the cryptocurrency in offline mode. There are two models of TREZOE- TREZOR One and TREZOR Model IT. Like Ledger wallet, it also supports BNB Coin as well as other altcoins.
BNB Software Wallet- BNB software wallet stores the coins in mobile application or desktop program; it can be accessible in online mode. You are required an internet connection to access the software wallet. There is no fee imposed on the software wallet.
Coinomi- If you are looking for a free crypto wallet then Coinomi is the best crypto wallet for you. It allows you to store BNB coins. It comes in Android and IOS mobile versions.
Atomic Wallet- Atomic Wallet is the software wallet that allows you to manage Bitcoin, Ethereum, XRP, Litecoin, and other 300 other coins. This wallet is created on an atomic swap exchange.
Exodus- Exodus is a software wallet that supports all the major cryptocurrencies. It supports BNB swap exchange.
Frequently asked Questions
Is Binance Coin a Good Investment?
Yes, Binance Coin is a great investment. The boom in its price in February 2020 showed that Binance Coin could generate good capital gains. More and more investors do not hesitate to compare Binance Coin to the nugget.
Is Now a Good Time to Invest in Binance Coin?
Effectively. For many specialists, Binance Coin will indeed continue its momentum after its price explosion in February 2021.
How many Binance Coins are in circulation around the world?
Currently, 150 million BNB tokens are in circulation. And with the burns of the latter, the value of 1 BNB in USD may then exceed $ 2,500.
How do I protect my Binance Coins?
The best way to protect your Binance Coins is actually to use a wallet, an electronic wallet. There are in fact different types of wallets (paper, electronic, physical, etc.).
Where can I buy Binance Coin?
You can buy Binance Coin on an exchange like eToro for example. You can pay with fiat money or exchange another cryptocurrency for BNB.